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ALIZY Allianz SE (PK)

27.06
-0.45 (-1.64%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Allianz SE (PK) USOTC:ALIZY OTCMarkets Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -0.45 -1.64% 27.06 26.78 27.11 27.08 26.8175 27.00 133,098 21:27:10

Allianz Swung to 4Q Profit on Life-Health Business

17/02/2023 6:58am

Dow Jones News


Allianz (PK) (USOTC:ALIZY)
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By Ed Frankl

 

Allianz SE said Friday that it swung to a fourth-quarter profit on a strong performance in its life-health segment, but that profits fell at its nonlife and asset-management operations.

Europe's largest insurer said net profit in the three months to the end of December was 2.01 billion euros ($2.14 billion), compared with a net loss of EUR292 million in the same period of 2021, which was affected by provisions for its U.S. Structured Alpha funds.

Operating profit rose 13% to EUR3.96 billion in the quarter, supported by a strong performance at its life-health business--where operating profit rose 51%--although partially offset by higher attritional losses at its property-casualty segment on claims inflation, Allianz said. Total revenue fell by 4.5% to EUR36.7 billion.

The results were in line with expectations for net profit of EUR2.03 billion, but beat operating profit estimates of EUR3.52 billion, according to analysts' consensus provided by the company.

Revenue and operating profit at its asset-management segment declined due to lower assets-under-management revenue and performance fees, after third-party assets fell 17% in the full year.

The company said it would now guide to an 2023 operating-profit target of EUR14.2 billion, plus or minus EUR1 billion, compared with the EUR14.16 billion achieved in 2022.

Allianz declared a full-year dividend of EUR11.40 a share, up 5.6% on year.

 

Write to Ed Frankl at edward.frankl@wsj.com

 

(END) Dow Jones Newswires

February 17, 2023 01:43 ET (06:43 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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